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Credit Policy as Fiscal Policy

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  • Deborah Lucas

    (Massachusetts Institute of Technology)

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  • Deborah Lucas, 2016. "Credit Policy as Fiscal Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 1-57.
    • Handle: RePEc:bin:bpeajo:v:47:y:2016:i:2016-01:p:1-57
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    References listed on IDEAS

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    1. Alan J. Auerbach & Yuriy Gorodnichenko, 2012. "Measuring the Output Responses to Fiscal Policy," American Economic Journal: Economic Policy, American Economic Association, vol. 4(2), pages 1-27, May.
    2. Laurent Bach, 2014. "Are Small Businesses Worthy of Financial Aid? Evidence from a French Targeted Credit Program," Review of Finance, European Finance Association, vol. 18(3), pages 877-919.
    3. Jeffrey M. Lacker, 1994. "Does adverse selection justify government intervention in loan markets?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 61-95.
    4. Michael Rothschild & Joseph Stiglitz, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(4), pages 629-649.
    5. Lucas, Deborah (ed.), 2010. "Measuring and Managing Federal Financial Risk," National Bureau of Economic Research Books, University of Chicago Press, number 9780226496580, June.
    6. Felix Reichling & Charles Whalen, 2015. "The Fiscal Multiplier and Economic Policy Analysis in the United States: Working Paper 2015-02," Working Papers 49925, Congressional Budget Office.
    7. Deborah Lucas, 2010. "Measuring and Managing Federal Financial Risk," NBER Books, National Bureau of Economic Research, Inc, number luca07-1, July.
    8. Charles J. Whalen & Felix Reichling, 2015. "The Fiscal Multiplier And Economic Policy Analysis In The United States," Contemporary Economic Policy, Western Economic Association International, vol. 33(4), pages 735-746, October.
    9. Bruce D. Smith & Michael J. Stutzer, 1989. "Credit Rationing and Government Loan Programs: A Welfare Analysis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(2), pages 177-193, June.
    10. Deborah Lucas, 2012. "Valuation of Government Policies and Projects," Annual Review of Financial Economics, Annual Reviews, vol. 4(1), pages 39-58, October.
    11. Deborah Lucas & Damien Moore & Mitchell Remy, 2011. "An Evaluation of Large-Scale Mortgage Refinancing Programs: Working Paper 2011-04," Working Papers 42752, Congressional Budget Office.
    12. Alan J. Auerbach & Daniel R. Feenberg, 2000. "The Significance of Federal Taxes as Automatic Stabilizers," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 37-56, Summer.
    13. Smith, Bruce, 1983. "Limited Information, Credit Rationing, and Optimal Government Lending Policy," American Economic Review, American Economic Association, vol. 73(3), pages 305-318, June.
    14. Alicia H. Munnell & Jean-Pierre Aubry & Dan Muldoon, 2008. "The Financial Crisis and State/Local Defined Benefit Plans," Issues in Brief ib2008-8-19, Center for Retirement Research, revised Nov 2008.
    15. Alan J. Auerbach & Yuriy Gorodnichenko, 2013. "Corrigendum: Measuring the Output Responses to Fiscal Policy," American Economic Journal: Economic Policy, American Economic Association, vol. 5(3), pages 320-322, August.
    16. Alicia H. Munnell & Jean-Pierre Aubry & Dan Muldoon, 2008. "The Financial Crisis and Private Defined Benefit Plans," Issues in Brief ib2008-8-18, Center for Retirement Research, revised Nov 2008.
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    Cited by:

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    2. Granja, João & Makridis, Christos & Yannelis, Constantine & Zwick, Eric, 2022. "Did the paycheck protection program hit the target?," Journal of Financial Economics, Elsevier, vol. 145(3), pages 725-761.
    3. Etienne Lepers, 2022. "Manipulating Credit: Government Popularity as Driver of Credit Cycles," Working Papers REM 2022/0239, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Guevara, Óscar J. & Riutort, Julio, 2024. "Strengthening secured creditors: Implications on debt financing and investment," Journal of Corporate Finance, Elsevier, vol. 84(C).
    5. Pfister Christian, 2024. "Green ECB Credit: One Step Too Far," Intereconomics: Review of European Economic Policy, Sciendo, vol. 59(5), pages 301-306.
    6. Ben Charoenwong & Randall Morck & Yupana Wiwattanakantang, 2021. "Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing [Whatever it takes: the real effects of unconventional monetary policy]," Review of Finance, European Finance Association, vol. 25(3), pages 713-743.
    7. Brent W. Ambrose & Zhongyi Yuan, 2018. "Pricing government credit: a new method for determining government credit risk exposure," Economic Policy Review, Federal Reserve Bank of New York, issue 24-3, pages 41-62.
    8. Bachas, Natalie & Kim, Olivia S. & Yannelis, Constantine, 2021. "Loan guarantees and credit supply," Journal of Financial Economics, Elsevier, vol. 139(3), pages 872-894.
    9. David Cashin & Jamie Lenney & Byron Lutz & William Peterman, 2018. "Fiscal policy and aggregate demand in the USA before, during, and following the Great Recession," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(6), pages 1519-1558, December.
    10. Natalie Cox, 2017. "Pricing, Selection, and Welfare in the Student Loan Market: Evidence from Borrower Repayment Decisions," Working Papers 2017-2, Princeton University. Economics Department..
    11. Wei Dong & Geoffrey Dunbar & Christian Friedrich & Dmitry Matveev & Romanos Priftis & Lin Shao, 2021. "Complementarities Between Fiscal Policy and Monetary Policy—Literature Review," Discussion Papers 2021-4, Bank of Canada.
    12. Ernst, Philip A. & Imerman, Michael B. & Shepp, Larry & Zhou, Quan, 2022. "Fiscal stimulus as an optimal control problem," Stochastic Processes and their Applications, Elsevier, vol. 150(C), pages 1091-1108.
    13. Lee, Churn Ken & Lee, Munseob, 2023. "Regional redistribution through SBA guaranteed loan programs," Journal of Corporate Finance, Elsevier, vol. 78(C).
    14. Holger Mueller & Constantine Yannelis, 2022. "Increasing Enrollment in Income‐Driven Student Loan Repayment Plans: Evidence from the Navient Field Experiment," Journal of Finance, American Finance Association, vol. 77(1), pages 367-402, February.
    15. Fan, Wei & Ying, Qianwei & Meng, Guo, 2023. "The signaling effect of policy loans: Do commercial banks follow up or stand by?," Finance Research Letters, Elsevier, vol. 56(C).

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